QuickBooks Quicktip – The Customer Overpaid

So the customer overpaid.  Now what?  OK, I know you REALLY want to keep that money, but… no, you can’t.  Little thing called ethics.  So what do you do when the customer overpays their bill?  Issue a refund!  QuickBooks makes this really easy from the receive payment screen.  Check it out!

http://youtu.be/6c2La_jFGSA

Here’s a little story ’bout Jack and…. well, this is what happened at my client’s office today that caused this:

Last week, my client received a payment from a customer on a $100 invoice.  The customer accidentally wrote the check for $110.  So my client received the payment as $100, made the deposit, then went back and issued a refund to the customer for $10.

1) The bank issued a credit memo because my client had $10 more in the deposit than was recorded.

2) The deposit had to be deleted, the payment received correctly, and the deposit recreated to reflect the accurate deposit amount.

3) My client had posted the refund to their “employee theft and errors” category.  That was totally incorrect.  When done correctly, QuickBooks automatically posts the refund from the correct account, so your end of year accounting for tax purposes is accurate.

This video takes about 2 1/2 minutes to watch.  Once you’ve done this once or twice on your own, expect it to take about 2-5 seconds in practice.  Correcting the above three steps took a QuickBooks Pro about 10 minutes.  You do the math on the time savings of doing it right the first time.

 

Lydia
949.478.3329